Tilly, Arkansas Property Taxes
The median property tax rate in Tilly, AR is 0.98%, closely aligning with the national median of 0.99% but higher than the Arkansas state median of 0.84%. With the median home value in Tilly at $49,850, the typical annual property tax bill amounts to $481, significantly lower than the national median of $2,690. Property taxes in Tilly are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Grasping Tilly's property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial yearly savings. Whether you're residing in Tilly's central areas or its outskirts, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Tilly, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$489
$453
Ownwell’s Tilly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tilly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tilly to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Tilly, Arkansas
Property taxes in Tilly, Arkansas, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tilly is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Tilly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tilly estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Tilly's effective property tax rate to other areas in Arkansas and the national median. For comparison, the 72679 zip code has the same median property tax rate of 0.98%. Understanding how these areas compare with Tilly provides valuable insights into the varying tax landscape across Pope County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tilly Tax Rate
0.98%
Average Pope County Tax Rate
0.92%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | 0.67% | 0.98% | 0.98% | 0.98% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Tilly, Arkansas
In Tilly, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Pope County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Tilly, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Tilly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tilly is $49,850, with the 25th percentile tax bill at $201 and the 75th percentile tax bill at $696. The zip code 72679 has both the highest and lowest median tax bill at $481.
Average Tilly Assessed Value
$49,850
Average Pope County Assessed Value
$105,400
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | $11,350 | $20,550 | $49,850 | $71,650 | $121,000 |
Source: Ownwell
Property Tax Bills Across Tilly, Arkansas
In Tilly, located in Pope County, AR, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tilly is $49,850. Homeowners in this area typically see tax bills ranging from $201 at the 25th percentile to $696 at the 75th percentile, with the 90th percentile reaching up to $1,243. These tax bills are influenced by various factors, including the assessed value of the property and the local tax rate. The national median property tax rate is 0.99%, but local rates can vary. For instance, the highest median tax bill in Tilly is $481, which is consistent across the zip code 72679. For homeowners, these property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated can help homeowners manage their finances and anticipate annual expenses. The relatively low median home price in Tilly can make property taxes more manageable compared to areas with higher property values.
Average Tilly Tax Bill
$481
Average Pope County Tax Bill
$927
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Tilly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72679 | $121 | $201 | $481 | $696 | $1,243 |
Source: Ownwell